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Essay / Research Paper Abstract
A paper which assesses the structure and function of the social security system in the UK, with regard to the allocation of resources according to need, the interrelationship of the taxation and benefits system and the way that the welfare state has developed since the 1940s. Bibliography lists 8 sources
Page Count:
13 pages (~225 words per page)
File: JL5_JLsocsec.rtf
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Unformatted sample text from the term paper:
"Revising the Social Security System" By , United Kingdom, For - 12-Jan-13 To Use This Report Correctly, Please
The Social Security system in the United States was originally set up in 1935 by President Roosevelt, and was designed to give a secure income
to retired people over the age of 65. Similar to the National Health and Old Age Pensions schemes in the United Kingdom, it was a fund which relied on contributions
from workers to finance the payment of benefits to those who had retired from work. The first payments, which were issued monthly, began five
years later: the first recipient lived to the age of 100, by which time she "had received $22,888.92 in benefits"i The original legislation was amended in 1961 by President Kennedy,
in order to give workers the option of retiring earlier, at the age of 62, and opting for smaller benefits. The next alteration in
the system came in 1975, when Cost of Living Allowances (COLAs) were introduced so that those in receipt of benefits did not have to wait for specific legislation in order
to receive an increased amount. Over the next twenty years, the number who could expect to receive benefit payments on retirement grew steadily, until
by 1998, there were 148 million people working in jobs which were covered by Social Security. The amount of benefits received by retired workers
had also increased dramatically over the years since 1940: " (in 1998) more than 44 million received $375 billion in benefits, in contrast to just over 222,000 in 1940, who
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